#APPROVED-Ras Al Khaimah: YASMIN VILLAGE TOWER, 35F Res (Yasmin Village)

[andymarshall]

Em, i totally agree. I was only trying to state facts and save some people some money, unfortunately someone is taking this all personally (i wonder why).

Anyway we have all invested in this and want to make money. Slagging off the project is not now going to get your monies back.

[potter.martin]

COMPLETED: THE DIAMOND, 14F Res (Sports City)

take a good look at this thread, goes over many of the problems we are having.

[brad1]

Hi everyone.First time i have posted on this forum.I bought a 2 bedroom unit in phase 1 in 2007 and have been trying to sell it ever since.According to someone i spoke to who used to work for TFG only one person has managed to resell their unit in Yasmin Village and that was to his friend at a "huge loss".I signed up for TFG's rental management programme on handover only because no one else was interested because of Yasmin's location which TFG are charging 20% management fees for.I also was naive enough to pay for an overpriced furniture pack.They rented it out for me for 18 months to a guy for 40000 AED per year.He was supposed to have moved out at the end of December but i phoned TFG today to see if a real estate agent guy i have listed this property with can access the unit to take pictures and i was told this guy is still living there because he has signed a 2 year extension but the woman i spoke to said because the rental market has dropped and the the market rate for that type of apartment is now 30-35000 AED per year they have rented the unit for 27500 AED per year!Subtract TFG's 20% management fees 5% maintenance fund and the annual service charge of 5 AED per square foot which is 6180 AED(by the way they have also added on 324 AED to cover the cost of their "expensive computer system" which generates the service charge statements so it is now 6504 AED)That leaves me with an annual net rental return of 14121 AED!Approximately £2450.What a fantastic investment this has been.I have contacted other companies like Hunt and Harris and Betterhomes who said they might be able to get a tenant for my unit but because of the location they couldn't do a management programme,so if there are any problems i would be the one who gets a call from the tenant at 2 in the morning for a blocked toilet and as i don't live in the UAE that just isn't feasible.Just thought i would let you guys in phase 2 know what your in for.

[Bobdown]

If there are any groups being formed, I would like to be part of it.

[beer51]

Hi brad1
if you rent your property out through an agent (not managed) and if there is any issue i.e block toilet etc the tenant can get it fixed, send you the the receipts for the repair and you just re-imberse the tenant.

[brad1]

Can anyone recommend a rental agent in RAK?I have tried the big ones,Hunt and Harris,Betterhomes and RAK property services and none of them are interested.They have all tried to sell/rent units in Yasmin with no success.The main problem seems to be the location and lack of progress with the construction.I spoke to two agents in Dubai who were interested in finding me tenants for my unit initially but as soon as they visited the site they pulled out and that was for renting the unit without management services which is what i am now looking at.It looks like we are all in this for the long haul because i spoke to a lady from Hunt and Harris today and she has listed two 3 bedroom units for sale for 300,000 AED each and has had no interest.I also spoke to a woman from TFG today and they don't have a clue when the completion date for the entire project will be.Apparently they haven't even started talks with the developers about the hotel/office building.

[I Know]

Nobody really wants anything in RAK for rent as the prices are so cheap at the mo and its too far from Dubai to commute.

[EM]

Hi folks I am at the stage now I am thinking of defaulting on my final payment, I have come to the conclusion I would be better off giving up all the money I have commited rather than give my final payment over...do you honestly believe TFG will be giving the money we have given to them. to the contract staff building the apartment??

Our money is probably paying for other projects just now!!! Wish I had bottle or money to take them to court, the problem is the propert law in the area is difficult to get anyone to specialise in, and it also depends on where our money is going and if the project is gaurenteed by the Goverment!.

[Bobdown]

Last week TFG told me phase 2 would be finished in June this year, today I was told the end of the year, no doubt that will slip too.

[EM]

Hello Ladies/Gents,
I have now approached a Solicitor to analyze my contract to see if their is any way I can find fault and recoup some of the money I have lost on this nonsence....has anyone else contacted a lawyer for feedback?

[Yasmin1]

does anyone know what the maximum penalty is for non payment of remaining amounts due? is it 30% of total purchase price? so if I paid 50%, and defaulted i would get a refund of 20%?
if anyone has spoken to an attorney I am very interested in joining that cause.

[SayNoToRAK]

Originally Posted by Yasmin1

does anyone know what the maximum penalty is for non payment of remaining amounts due? is it 30% of total purchase price? so if I paid 50%, and defaulted i would get a refund of 20%?
if anyone has spoken to an attorney I am very interested in joining that cause.

It is likely to be 30% of tpp but you should check your SPA as there be a default clause. If so you would be due a part refund but no developer is paying up.

www.almarjanislandrak.com

[Yasmin1]

Please do not wait until you are asked to close to solicit advice from an attorney. If you are serious about fighting TFG then we must act now. W
Has anyone spoke to an attorney? Does anyone want to pool our resources and fight this?

[EM]

I have approached a solicitor and as I have mentioned, the requirement is whether collectively or as individuals we require to contact an Arabic speaking advocate and then go through the courts.

I am not sure if all the contracts we have signed are the same or have different clauses? however I have been waiting a substantial amount of time for the delivery of an apartment and when I pay my final paymeny (if) it will mean I would only break out even roughly, when I take all annual expences into account.

I genuinely believe I have a strong case if I take TFG to court but would have to spend my final payment on court fees as opposed to paying for the apartment!!!

If anyone has any way forward, more than happy to listen.

[brad1]

Just spoke to TFG today to chase up the invoice for this years service charges which were due in July.Been told they will increase to 8.50 AED per square foot and it will be backdated to 1st January.Not suprised really,always thought 5 AED per square foot was too cheap although not happy with it being backdated to January.Looks like Perfect Property Management have been heavily subsidising the service charges and TFG warned me that 8.50 wouldn't be enough to cover the costs so it looks like we can expect a steady increase over the years,especially as the infastructure progresses.

[EM]

Brad, are you happy with your property? I am still waiting on the 11t apartment being completed.
It is continuously delayed and I have been informed the apartments are not worth much now?

[brad1]

Hi EM i'm far from happy.I paid 787000 AED for my 2 bedroom in 2007 with forecasts from TFG of 15% net rental returns, in reality i'm barely getting 2%!Construction progress is at a snails pace.These properties are next to worthless.I contacted RAK property services last year who are the biggest in Rak to try and sell the thing and their reply was-"Yasmin Village is the worst development in RAK and the only one to have generated little or no interest" I have seen 2 bedroom units similar to mine for sale in yasmin for 400000 AED and no one is interested.I am trying to sell mine to a couple at the moment but they are having second thoughts and i have already dropped the price to 360000 AED.Whan my tenants lease is up at the end of the year he is not renewing so it will probably sit empty for the foreseeable future costing me an ever increasing service charge and electricity bill.It's going to be a very expensive investment mistake.

[chriskearney1]

hello

[trust340]

Hi all, for all Landlords and Tenants from Yasmin Village in RAK, UAE that are interested. I have started a new YASMIN VILLAGE Community FORUM. Please visit the following link. You will have to register to write any post.
Let’s start making this FORUM a good feedback forum for all interested. And to make Yasmin a better place to live.
http://yasmin-village.forumatic.com/index.php

Regards

[trust340]

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